January US petroleum demand lowest in 18 years

Total US petroleum deliveries were down 1.7% for January against the same month a year ago, to just under 18 million bpd, the lowest level for the month in 18 years.

API Chief Economist John Felmy commented, ‘the January numbers reprise last year’s theme of weak demand. This isn’t surprising given an economy that’s still treading water.’

Gasoline deliveries were up for the month by 2.4% while distillates fell by 6%. Refinery gross inputs fell below 15.0 million bpd for the first time in nine months. Production of all major refined products, gasoline, distillates, jet fuel and residual fuels, was higher than demand, so products were exported, with an overall increase of 14.2% in January compared with the same month in 2012.

In January, total imports were at their lowest for the month in 13 years, since 2000. Total imports averages nearly 10.4 million bpd, down 5.4% from January 2012. Crude oil imports were at their lowest January level in 13 years, and refined product imports were at their lowest level for the month in 14 years, since 1999.